Geldvoorelkaar
Geldvoorelkaar is the first P2P lending platform with a credit licence issued by the Dutch Financial uthority (AFM). Geldvoorelkaar offers a professional and established alternative source of financing for SMEs.
• Geldvoorelkaar opens up European SME market opportunities to TrustBuddy. Management believes there to be substantial demand for alternative lending sources in the Nordic market in particular in P2P lending in the Netherlands.
• Geldvoorelkaar has been fully operational since 2012 and has a c60-65% estimated market share.
• Year to date, Geldovoorelkaar has funded EUR 20 million of SME loans with an average revenue margin approaching 6% with no active marketing.
• Geldvoorelkaar is a strong SME platform with EUR 1.6 million expected revenue for 2014 and growth in the Netherlands expected at an average of 80% in the following two years.*
• Geldvoorelkaar is already profitable with an expected earnings before interest and tax for 2014 of EUR 0.7 million
• Subject to the satisfaction of certain conditions, TrustBuddy has agreed to acquire Geldvoorelkaar for a consideration of EUR10.6m. The consideration comprises EUR 3 million cash, EUR 4 million through the issue of new shares at a 20% premium to the pre-announcement share price and a EUR 3.6 million vendor loan of which 50% is redeemed in January 2016 and 50% redeemed in January 2017. Shares issued as part of the consideration will be subject to lock-up restrictions which expire in January 2016 in respect of 50% of the shares and January 2017 for the remainder.
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